Security Matters to add blockchain to ‘digital twin’ solution

A new agreement with blockchain software firm R3 will see Security Matters (ASX:SMX) create a digital ‘twin’ of any physical object, and then track it using a blockchain solution.

AT A GLANCE

Security Matters has signed a memorandum of understanding with enterprise blockchain software company R3 to collaborate on the creation of a joint blockchain solution

The companies will explore how it can create new a blockchain application to enhance security and product tracking

The partnership provides an immediate end-to-end solution for use by Security Matters’ clients

The brand protection, supply chain integrity and blockchain technology company will develop a new blockchain application on R3’s platform Corda.

Security Matters is hoping to become the global record of physical goods, and the latest deal in a long line for the company gives it the capability to offer its existing clients a fully integrated end-to-end mark and trace solution for all physical goods.

It represents the first step in Security Matters executing its commercialisation strategy of creating a fully integrated anti-counterfeiting and brand protection offering enhanced by blockchain technology.

“Today’s supply chains are increasing complex. At the same time, customers, regulators and businesses are becoming more concerned with the provenance of goods across all sectors. In this environment, blockchain, and specifically Corda, provides vital tools to increase transparency and control in the fast-moving world of global commerce and I’m looking forward to seeing the work that emerges from this collaboration with SMX,” David Rutter, CEO of R3, said.

“Partnering with R3 supports our goal to provide a full brand protection and security offering on the blockchain, and enables us to deliver this in a matter of weeks,” Haggai Alon, Security Matters founder and CEO, added.

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About Security Matters

Security Matters has commenced the commercialisation of its unique, patented technology that uses a hidden chemical-based ‘barcode’ to permanently and irrevocably ‘mark’ any object, be it solid, liquid or gas. The barcode is read using the company’s unique ‘reader’ to access the corresponding stored data, recorded and protected using blockchain technology.

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